Thomas Potter, III

Thomas Potter, III

Burr & Forman

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SEC Announces Additional Settlement Under Municipal Continuing Disclosure Cooperation Initiative

The SEC recently announced another issuer settlement under its Continuing Disclosure Cooperation Initiative (see our blogs First Settled Proceeding (July 23, 2014). In this settled action, Kansas consented to the standard...more

8/21/2014 - MCDC Municipal Securities Issuers Sanctions SEC Settlement

SEC Modifies Municipal-Securities Enforcement Initiative

Responding to industry complaints, the SEC’s Enforcement Division modified its Municipal Continuing-Disclosure Cooperation (“MCDC”) Initiative to (a) extend the deadline for issuer disclosures until December 1 (from September...more

8/21/2014 - Compliance Enforcement Enforcement Actions MCDC SEC

Banking & Financial Services E-Note - July 2014

In This Issue: - New Rule Will Require Banks to Provision for Bad Loans Earlier - Four Years After Dodd-Frank, Law Still Unfinished - Senate Panel to Review Borrowing of 'Too Big to Fail' Banks - Community...more

8/8/2014 - Banks CFPB Community Banks Dodd-Frank Federal Reserve Loans Marijuana Prepaid Payment Products Too Big to Fail TRIA

MSRB Proposes Revised Duties for Municipal Advisors

The MSRB proposed a Revised Draft of Rule G-42 (“Duties of Non-Solicitor Municipal Advisors”) by Reg. Not. 2014-12 issued July 23, 2014. We addressed the original proposal in our January 23 blog post. The Revised Draft...more

7/31/2014 - Compliance Disclosure Requirements Financial Regulatory Reform MSRB Municipal Advisers

SEC Approves Amended FINRA Rule 2081 Prohibiting Settlements Conditioned on Expungement

On July 22, the SEC approved amendments to FINRA Rule 2081 that prohibit member firms from conditioning arbitration settlements (or seeking to) upon a customer’s assent to CRD expungement relief. The Rule amendments prohibit...more

7/25/2014 - Arbitration Expungement FINRA SEC Settlement

SEC Announces First Settled Proceeding Against Municipal Issuer under MCDC Initiative

The SEC announced July 8 its first settled administrative proceeding against a municipal issuer under its Municipal Continuing Disclosure Cooperation (“MCDC”) Initiative. In its Order, the SEC charged Kings Canyon Joint...more

7/24/2014 - Administrative Hearings Dodd-Frank MCDC Municipal Securities Issuers Municipal Securities Market Municipalities School Districts SEC Settlement SIFMA

Banking & Financial Services E-Note

In This Issue: - 70 Countries Agree to Share Bank Information in Tax Evasion Probe - Financial Industry Pushes Back Against Proposed ERISA Requirements - Federal Reserve Proposes Tougher Stress Tests for...more

7/11/2014 - Banking Sector Banks Choke Point ERISA Federal Reserve Information Sharing Payday Loans Stress Tests Tax Evasion

It Matters Who’s the Plaintiff: Janus and Stoneridge May Not Help Against The SEC, but Monterosso Shouldn’t Apply as...

The SEC recently made the unusual move of asking the Eleventh Circuit to publish its previously-unpublished per curiam decision in SEC v. Monterosso, 2014 WL 2922670 (11th Cir. June 30, 2014). The decision was not merely a...more

7/9/2014 - Rule 10b-5 SEC SEC v Monterosso

Corporate & Tax E-Note - June 26, 2014

In This Issue: - SBA Ups Size Standards, Allowing 8,400 Firms to Become Small Biz - Auditors Want to Limit Reporting of 'Critical Audit Matters' - House Approves Permanent Extension of Small Business Tax...more

6/27/2014 - Auditors Board of Directors Cybersecurity EU Federal Contractors Government-Guaranteed Loans IPO Loans New Legislation Patent Reform Public Offerings SBA Small Business Startups Tax Incentives Tax Loopholes

Health Care E-Note - June 19, 2014

In This Issue: - Report Ranks U.S. Last Out of 11 in Health Care System Quality - Analysis Identifies Un-Tracked Avoidable Hospital Complications - Number of Doctors Employed by Hospitals Grew 34% Over 10...more

6/20/2014 - Background Checks Healthcare Healthcare Costs Healthcare Facilities Healthcare Reform Home Health Care Home Healthcare Workers Hospitals Pharmaceutical Pharmacies Physicians Quality of Care Standards

FINRA Fines & AWC’S for Blue-Sheet Violations on Which SEC Sought Admissions

I wrote earlier that the SEC was wrong to extend its “admission of wrongdoing” policy (once reserved for extreme cases) to negligent software-glitch misreporting of trade-data in the Scottrade case...more

6/6/2014 - Electronic Blue Sheets Fines Negligence Scottrade SEC

Trials Are About Truth; Consent Decrees Are About Pragmatism

I recently wrote about Judge Rakoff’s refusal to enter the SEC’s proposed consent decree in SEC v. Citigroup Global Markets, Inc., 827 F. Supp. 2d 328 (SDNY 2011) – and the shift in SEC enforcement policy that it prompted. ...more

6/5/2014 - Chevron Deference Citigroup Consent Decrees Enforcement Enforcement Actions Interlocutory Appeals Judge Rakoff Risk Management SEC SEC v Citigroup Settlement

Banking & Financial Services E - Note - May 2014

In This Issue: - Fed Regulator Calls for End of Banks' Self-Grading of Risk - Regulator Won't Act on Loan Limits for Fannie Mae and Freddie Mac - Community Bankers Support Tiered Banking Regulatory System -...more

5/23/2014 - Banks Community Banks Cybersecurity Data Protection Fannie Mae FFIEC Financial Regulatory Reform Freddie Mac Lending Limits Rule Risk Assessment Risk Management

The SEC’S New Municipal-Advisor Rules Go Effective July 1

The SEC’s new MA Rules become effective July 1, 2014, 17 CFR 240.15Ba1-1 through 1-8 and 15Bc4-1. Required by Dodd-Frank § 975, the Rules were adopted last year, but the SEC postponed their implementation from January to...more

5/16/2014 - Dodd-Frank Municipal Advisers SEC SIFMA

FINRA Moves To Make Expungement Independent

FINRA operates the Central Registration Depository (“CRD”) – the central, publicly-accessible licensure and registration information source on the US securities industry. Industry members seek to remove – “expunge” – ...more

5/15/2014 - Expungement FINRA Licensing Rules Settlement Unfair or Deceptive Trade Practices

Banking & Financial Services E-Note

In This Issue: - Appeals Court Says Dodd-Frank Clause Violates 1st Amendment - Basel Committee Eases Derivatives Rule for Banks - CFPB Revises International Money Transfer Rule - AG Seeks More Enforcement...more

5/1/2014 - Banks Bitcoins CFPB Cyber Attacks Cybersecurity Data Protection Derivatives Dodd-Frank FHA First Amendment Money Transfer Retailers

SEC’s Recent Admissions Case Muddies Standard

The SEC famously announced last year that it would insist upon admissions in settled cases involving egregious conduct – instead of its long-standing “neither admit nor deny” rubric. But its recent Scottrade action has the...more

4/17/2014 - Electronic Blue Sheets Scottrade SEC Section 17(a)

What You Don't Say Can Be Used Against You: Assessing The Fifth Amendment's Role In Qui Tam Litigation

In 1987, current Florida governor Rick Scott used his life savings to start Columbia Hospital with the idealistic goal of cutting healthcare costs and improving patient care. A few years later, Columbia merged with the...more

4/3/2014 - False Claims Act Fifth Amendment Healthcare Hospitals Qui Tam

Emphasis On Enforcement

In back-to-back keynote addresses Monday to the Securities & Financial Markets Association’s annual Compliance & Legal meeting, SEC-Chair Mary Jo White and Southern District of New York US Attorney Preet Bharara renewed the...more

4/1/2014 - Compliance Enforcement SEC

MSRB Reworks Fair-Dealing Rules For Municipal Securities Dealers

Effective July 5, 2014, the Municipal Securities Rulemaking Board (“MSRB”) implements a consolidation and re-write of its prior fail-dealing Rules and Guidance for municipal securities dealers. On March 7, the SEC...more

4/1/2014 - Compliance MSRB Municipal Bonds SEC

Corporate & Tax E-Note - March 27, 2014

In This Issue: - High Court Considers Whether Corporations Can Lie to Investors - Nasdaq Enters Pre-IPO Market with Private Exchange - Many Early-Stage Start-Ups Still Struggle to Get Funding - Venture...more

3/28/2014 - Fiduciary Duty IPO Lying Nasdaq Small Business Startups Tax Deductions

FINRA Sanctions Firm And Compliance Officer For AML Violations

This past February, FINRA issued an acceptance, waiver and consent (“AWC”) against a firm and its global anti-money laundering (“AML”) Compliance Officer (“CO”) for failures in AML compliance regarding brokerage and custodial...more

3/26/2014 - Anti-Money Laundering Chief Compliance Officers Compliance Enforcement Actions FINRA

Lawson v. FMR: Are SarbOx Whistleblower Provisions A Horse Designed By Committee?

A camel (so the saying goes) is a horse designed by committee. It seems the Supreme Court may think the same of the whistleblower provisions in § 806 of the Sarbanes-Oxley Act of 2002. Section 806 prohibits retaliatory...more

3/21/2014 - Contractors FMR LLC Lawson v FMR Retaliation Sarbanes-Oxley Subcontractors Whistleblower Protection Policies Whistleblowers

Texas Two Step: “In Connection With” At The End Of Its Tether?

The familiar “in connection with the purchase or sale” securities-litigation requirement may not be unlimited in its breadth, after all. On February 26, the US Supreme Court pulled up short defendants in litigation by...more

3/19/2014 - Chadbourne & Parke LLP v Troice Misrepresentation Pleading Standards Ponzi Scheme SCOTUS Securities Litigation SLUSA State Securities Claims

MSRB Consolidates Registration Forms

The Securities and Exchange Commission last Thursday, February 27, approved a new consolidated set of registration forms and requirements for municipal market participants, MSRB Rule A-12. SEC Rel. 34-71616; MSRB Reg. Notice...more

3/13/2014 - Forms MSRB

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